This week Nifty spot went up by 38 points and then went down by 198 points before finally ending the week with a loss of 131 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10500 to confirm uptrend and Nifty spot needed to break and sustain below 10405 to confirm downtrend for the week. Nifty made a high of 10490.45 and a low of 10254.10 for the week.
Nifty triggered our weekly short trade and completed all short targets giving 160+ points from our weekly short trade . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10500 to test 10545 - 10560 initially and above it we can see a test of 10600 - 10645 . Breaking and sustaining below 10405 we can see a test of 10360 - 10345 initially and below it we can see a test of 10305 - 10260 . Those who are holding long positions should now keep a trailing cbsl of 10405 . Fresh shorts positions can be taken on sustaining / closing below 10405 in the coming week . For a bigger move we need a close below 10240 now . Those who are looking to go long on dips can keep 10240 as their cbsl " , and we saw Nifty take our TSL of longs at 10405 and confirm our weekly short trade and also complete all weekly short targets with a low of 10254.10 . Nifty also gave a good entry to go long in the dip with a small stoploss of 20 points near our cbsl of 10240 as mentioned in the previous weekly post .
Now in the coming week Nifty needs to break and sustain above 10375 to test 10430 - 10445 initially and above it we can see a test of 10495 - 10545 . Breaking and sustaining below 10265 we can see a test of 10210 - 10195 initially and below it we can see a test of 10150 - 10100. Those who have taken long positions in the previous week correction should keep a cbsl of 10240. Fresh shorts positions can be taken on sustaining / closing below 10265 in the coming week and should be held on sustaining / closing below 10240 which is the cbsl for any long positions taken . For a bigger move on the downside we need a close below 10240 now .
Nifty Spot Levels for the week are
Long above 10355 , Tgt 10375 - 10390 - 10410
IF Nifty spot manages to get a close / sustain above 10430 then ,
long again for 10445 - 10495 - 10545
Short below 10290 , Tgt 10265 - 10250 - 10235
IF Nifty spot manages to get a close / sustain below 10210 then,
short again for 10195 - 10150 - 10100
P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.